Connecticut Office of Shepherd, Finkelman, Miller & Shah, LLC Files Securities Class Action on Behalf of Former Travelers Shareholders HARTFORD, Conn., Sept. 14 /PRNewswire/ -- Shepherd, Finkelman, Miller & Shah, LLC (http://www.classactioncounsel.com/; e-mail: ), a law firm with offices in Connecticut, Pennsylvania, New Jersey and Florida, announced today that it has filed a class action on behalf of all Travelers Property Casualty Corp. ("Travelers") Class A or Class B shareholders whose shares of Travelers were automatically exchanged for shares of The St. Paul Travelers Companies, Inc. on or about April 1, 2004 (NYSE: STA - News; "St. Paul Travelers") pursuant to a merger between Travelers and The St. Paul Companies, Inc. ("St. Paul")(the "Class"). The lawsuit was filed in the United States District Court for the District of Minnesota and names the following Defendants: Travelers, St. Paul, St. Paul Travelers and its top executives, CEO Jay Fishman and CFO Jay Benet; St. Paul's former CFO Thomas Bradley; and Travelers' former CEO, Robert Lipp. A copy of the Complaint filed in this action can be obtained from the Court or you can call our offices toll free at either 866/540-5505 or 877/891-9880 to speak with an attorney regarding this matter and we will send you a copy of the Complaint. The action arises out of the merger between Travelers and St. Paul pursuant to which Travelers shareholders received shares of St. Paul Travelers stock at a predetermined exchange ratio that was approved based on representations contained in a joint Proxy Statement and Registration Statement issued on February 13, 2004. The Complaint alleges that both Travelers and St. Paul negligently failed to disclose in that document that St. Paul utilized a markedly different method for calculating insurance reserves than that utilized by Travelers. Because the merged companies were required to apply Travelers' reserve methodology, it was necessary to increase reserves on St. Paul's insurance policies by over $1 billion -- approximately 12 percent of the value of St. Paul as determined by the merger consideration. On June 17, 2004, news regarding this issue began to trickle out to shareholders, and the price of St. Paul Travelers stock began to decline, falling from $41.10 on that date to $35.66 on July 23, 2004, the date the exact size of the necessary reserve adjustment -- $1.6 billion -- was first announced. Thus, in a matter of weeks, St. Paul Travelers shares declined in market value by an astounding $3.66 billion. Defendants St. Paul and St. Paul Travelers (its successor in interest) are alleged to have violated Sections 11 of the Securities Act of 1933, which provides for liability without fault for any material misrepresentations in or omissions from the Registration Statement that harmed shareholders. The Complaint also asserts that Defendants, Fishman and Bradley, violated Section 11 by failing to conduct a reasonable investigation into the adequacy of the disclosures in the Registration Statement concerning St. Paul's reserves. All Defendants are charged with violations of Section 14 of the Securities Exchange Act of 1934, which prohibits the solicitation of proxies for a shareholder vote by means of a materially false or misleading proxy statement. If your Travelers shares were exchanged for St. Paul Travelers shares pursuant to the merger, you may qualify to serve as a Lead Plaintiff on behalf of the Class. All motions for appointment as a Lead Plaintiff must be filed with the Court no later than October 15, 2004. Any member of the proposed class may move the Court to serve as Lead Plaintiff in this action through counsel of his or her choice, or may remain an absent class member. There are certain legal requirements to serve as Lead Plaintiff, which we would be pleased to discuss with you. If you would like to discuss this action or have any question regarding this notice or your rights, please telephone or e-mail James E. Miller, Esquire (866/540-5505; ), Patrick A. Klingman, Esquire (866/540-5505; ) or James C. Shah, Esquire (877/891-9880; ). If you would like to discuss this action or have any question regarding this notice or your rights, please contact us at the telephone or electronic mail addresses provided above. Shepherd, Finkelman, Miller & Shah, LLC (http://www.classactioncounsel.com/) is a national law firm that represents investors, including institutions and individuals, as well as consumers in class action and other complex litigation, and maintains offices in Connecticut, Pennsylvania, New Jersey and Florida. The firm's attorneys have appeared in matters on behalf of our clients throughout the United States and been appointed lead counsel in a number of class actions and corporate governance matters. Shepherd, Finkelman, Miller & Shah, LLC issues this press release in compliance with the applicable federal securities laws. DATASOURCE: Shepherd, Finkelman, Miller & Shah, LLC CONTACT: James E. Miller, Esquire of Shepherd, Finkelman, Miller & Shah, LLC +1-866-540-5505,

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